The Implications of moving into the metaverse space for accountants and their clients 2023

What you will learn

Attending this webinar will equip you with the following skills:

• Gain an understanding of the metaverse concept and its potential impact on the accounting profession, including the emergence of digital assets, virtual economies, and new business models.
• Learn about the unique financial, tax, and regulatory challenges associated with the metaverse, such as the valuation and taxation of virtual assets, and how these challenges may differ from traditional accounting practices.
• Develop an awareness of the technological tools and solutions available to accountants for managing financial transactions and reporting in the metaverse, as well as the skills required to adapt to this new environment.
• Understand the potential ethical and compliance considerations that arise in the metaverse, including data privacy, anti-money laundering (AML), and know-your-customer (KYC) regulations, and how to mitigate risks associated with these concerns.
• Discover strategies for leveraging the opportunities presented by the metaverse to expand their service offerings and enhance their clients’ businesses, such as advising on digital asset investments, virtual real estate transactions, and the use of blockchain technology for enhanced transparency and security.

Description

The concept of the metaverse, a virtual shared space where users can interact with a computer generated environment and other users in a seemingly real way, is rapidly gaining momentum. As this new digital realm expands, it will undoubtedly have implications for various industries.

As companies move into the metaverse space, there may be a need for new accounting standards to account for virtual assets such as digital currencies, virtual real estates, and digital goods. Accountants may need to develop new frameworks to ensure that these assets are accurately recorded and reported. The metaverse could potentially create new business models that require different accounting practices.

Price

The following pricing apply:

Ad hoc: R450 for this webinar

Subscription: Included for free in Accountant in Practice plus Tax, Accountant in Practice.

Content

The webinar will cover the following topics:

Introduction to the Metaverse

• Definition and overview
• Virtual economies and digital assets
• Emerging business models and opportunities

Financial and Tax Implications

• Virtual currency and token valuation
• Tax treatment of digital assets
• Income tax
• Capital gains tax
• Value-added tax (VAT)
• Cross-border transactions and international taxation

Regulatory and Compliance Challenges

• The Tax Administration Act in the context of the metaverse
• Anti-money laundering (AML) and know-your-customer (KYC) regulations
• Data privacy and protection considerations
• Intellectual property rights and licensing

Accounting and Reporting in the Metaverse

• Adapting accounting standards to the virtual environment
• International Financial Reporting Standards (IFRS)
• Generally Accepted Accounting Principles (GAAP)
• Auditing and assurance considerations
• Technological tools and solutions for managing metaverse transactions
• Blockchain technology and distributed ledger systems
• Virtual wallets and payment gateways

Expanding Services and Opportunities for Accountants

• Advising clients on digital asset investments
• Virtual real estate transactions and property rights
• Navigating the metaverse ecosystem for business growth
• Developing and maintaining relevant skills and expertise

Ethical Considerations for Accountants in the Metaverse

• Professional conduct and responsibility
• Maintaining independence and objectivity
• Addressing potential conflicts of interest
• Ensuring transparency and accountability

Requirements

There are no preconditions for this course.
Moderate level.
Recorded webinar made available on a specified date

Presenter

Nestene Botha CA(SA)

Nestene Botha completed her B.com (Hons) at North West University in 2012. In 2014 she completed her professional articles and her Master’s Degree in Chartered Accountancy. She then registered with SAICA as a Chartered Accountant in 2015.

Nestene has lectured on the audit programme at the University of Cape Town. She started her own audit, tax & accounting practice which she has since grown into a reputable firm in the Table View area with 60 clients and two staff members.

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